Rand Logistics acquires liquid bulk specialist Andrie

Great Lakes bulker operator Rand Logistics Inc. has acquired Muskegon, Mich.-based Andrie LLC , from Auxo Investment Partners. Financial terms of the transaction were not disclosed.

Andrie is a bulk transporter of specialty liquid products including asphalt, cement, refined oil products, and calcium chloride using a fleet of specialty vessels that operate on all five Great Lakes and into the Illinois River. The acquisition will expand Rand’s service offering to include the bulk transport of both dry and liquid commercial products.

Andrie will continue to be led by CEO Sven Christensen and the current management team, and will operate as a Rand business under the existing Andrie brand.

“As we continue to thoughtfully grow our platform and service offerings, we are pleased to partner with an industry leader in Andrie that brings together complementary cultures and capabilities, while expanding our presence in the Great Lakes region,” said David Foster, CEO of Rand, which is a portfolio company of Duration Capital Partners, a spin-out from Oaktree Capital Management. “Andrie’s exceptional reputation with customers, dedication to employee safety and client service, and experienced management team makes them an ideal partner for Rand, and we look forward to working closely with Sven and the entire Andrie team to achieve greater success together.”

“We’re proud of the legacy we’ve built over the last 36 years as one of the premier providers of bulk cargo transportation on the Great Lakes, and see incredible growth opportunities for our business as part of the Rand platform,” said Christensen. “The Rand team shares our focus on safety and customer service, and we look forward to joining forces with David and the team to both efficiently and safely deliver for our customers.”

“This is a terrific outcome for all parties. Rand gets a great business with an outstanding management team. Andrie’s management team gets an excellent new owner who can offer expanded professional growth opportunities—an important consideration for us. And we deliver a strong return for our investors,” said Auxo managing partner Jeff Helminski. “The result is further evidence of our long-term, collaborative approach that empowers leadership teams and focuses companies on sustainable value-creating strategies.”